ADM - Why Archer-Daniels-Midland Stock Plunged 25% This Week
2024-01-25 18:45:06 ET
Shares of Archer-Daniels-Midland (NYSE: ADM) are down 25% this week, according to data provided by S&P Global Market Intelligence , after the commodities trading company announced a new interim CFO amid an ongoing accounting investigation.
In a press release on Sunday, ADM announced it has appointed Ismael Roig as interim CFO, following a decision by ADM's board of directors to place its previous CFO, Vikram Luthar, on administrative leave, effective immediately.
ADM added that Luthar's leave is pending an ongoing investigation by outside counsel for the company regarding "certain accounting practices and procedures [within] ADM's Nutrition reporting segment, including as related to certain intersegment transactions."
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Why Archer-Daniels-Midland Stock Plunged 25% This Week